Kelp Plans Aave Contract Operations to Advance rsETH Backing

Kelp said it will carry out coordinated on-chain contract operations with Aave (decentralized lending protocol) over the next 24 hours and added that users do not need to take any action.

AAVE
RSETH

Summary

Kelp said its team will execute a series of coordinated contract operations with Aave (decentralized lending protocol) over the next 24 hours as part of efforts to advance rsETH backing. The project said users do not need to do anything during the process and that it will publish further steps after the on-chain operations are completed. The update points to a protocol-level change in how support for rsETH is being progressed, with additional details expected once execution is finished.

Terms & Concepts
  • On-chain operations: Transactions or contract actions executed directly on a blockchain network and recorded publicly.
  • Smart contract (self-executing blockchain code): Blockchain-based code that automatically carries out predefined actions when specified conditions are met.
  • Aave (decentralized lending protocol): A blockchain-based platform that lets users lend and borrow digital assets without a traditional intermediary.